Hisamitsu Pharmaceutical Co.,Inc.
4530・Prime Market・Pharmaceuticals
Pharmaceuticals Business
A single pharmaceuticals segment integrating domestic and overseas operations centered on transdermal patches
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales | ¥163,024 million | ¥156,006 million | ↑ |
| Operating profit | ¥17,917 million | ¥18,895 million | ↓ |
| Ordinary profit | ¥23,952 million | ¥24,010 million | ↓ |
| Profit attributable to owners of parent | ¥19,160 million | ¥21,758 million | ↓ |
| Operating margin | 11.0% | 12.1% | ↓ |
| U.S. net sales | ¥44,871 million | ¥38,895 million | ↑ |
| Japan net sales | ¥80,349 million | ¥82,364 million | ↓ |
| Net sales in other regions | ¥37,803 million | ¥34,746 million | ↑ |
| Selling, general and administrative expenses | ¥78,203 million | ¥72,300 million | ↑ |
| Expenditure on acquisition of property, plant and equipment (capital expenditure) | ¥7,995 million | ¥13,627 million | ↓ |
| Earnings per share | ¥268.56 | ¥295.57 | ↓ |
| Equity ratio | 79.4% | 80.6% | ↓ |
Business Details
The only reportable segment of the Hisamitsu Pharmaceutical group. Domestically, the company manufactures and sells Prescription Transdermal Patches (MOHRUS Tape, DICLOTEC Tape, etc.) and OTC Drugs (SALONPAS, FEITAS, etc.), while overseas it sells through consolidated subsidiaries in the U.S., Brazil, Vietnam, Indonesia, China, Hong Kong, Malaysia, and other countries. Based on TDDS (transdermal drug delivery system) technology, the company pursues global expansion in both prescription and OTC segments. Consolidated net sales for FY2026 (ending March 2026)* were ¥163,024 million (up 4.5% year on year). *Note: fiscal year end is February per company disclosure.
Recent Overview
Net sales increased, but higher SG&A expenses and extraordinary losses led to lower operating profit and net income
In FY2026 (ending March 2026), net sales increased to ¥163,024 million (up 4.5% year on year), but selling, general and administrative expenses grew to ¥78,203 million (up 8.2% year on year), causing operating profit to decline to ¥17,917 million (down 5.2% year on year). The company recorded ¥370 million in voluntary recall-related expenses as an extraordinary loss. Combined with the absence of the ¥5,019 million gain on sale of investment securities recorded in the prior year, profit attributable to owners of parent fell to ¥19,160 million (down 11.9% year on year). By region, U.S. net sales grew strongly to ¥44,871 million (up 15.4% year on year). Following the completion of the tender offer by Taiyo Kogyo Corporation, the company's shares are scheduled to be delisted on May 11, 2026, and the earnings forecast for the next fiscal year has not been disclosed.
Key Products
Growth Drivers
- Expansion of overseas net sales (U.S.: ¥44,871 million, up 15.4% year on year; other regions: ¥37,803 million, up 8.8% year on year)
- Maintenance of the SALONPAS® brand's No.1 global position in OTC analgesic/anti-inflammatory patches (Euromonitor, nine consecutive years)
- New customer creation activities in the domestic OTC business leveraging digital marketing
- Expanding demand for prescription drugs (such as ESTRANA® Tape) driven by growth in the transdermal female hormone market
- Concentration of resources on development of new platform technologies such as microneedle technology to expand the future pipeline
Risks
- Pressure on domestic prescription drug earnings from continued healthcare cost containment measures (drug price revisions, promotion of generic drug use)
- Decline in profit margin due to increased selling, general and administrative expenses (¥78,203 million, up 8.2% year on year)
- Extraordinary loss risk such as voluntary recall-related expenses (¥370 million)
- Foreign exchange risk (high proportion of overseas sales; significant impact on earnings during yen appreciation)
- Scheduled delisting on May 11, 2026 following completion of the tender offer by Taiyo Kogyo Corporation (risk of changes to management structure and disclosure system)
- Intensifying competition in the domestic market, as shown by the decline in domestic Japan net sales (¥80,349 million, down 2.4% year on year)
Last updated: May 23, 2025